A. The automobile theft authority shall notify the director of an insurer’s failure to pay the fee prescribed by section 41-3451, subsection J. On receiving notice of an insurer’s failure to pay the fee, the director may suspend the insurer’s certificate of authority or impose a civil penalty of not more than one hundred twenty percent of the amount due, or both. The insurer shall pay the civil penalty to the director. The director shall deposit, pursuant to sections 35-146 and 35-147, the civil penalty in the automobile theft authority fund.

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B. For the purposes of this section:

1. "Director" means the director of the department of insurance and financial institutions.

2. "Insurer" means an insurer that writes motor vehicle insurance in this state, including reciprocal insurers, mutual companies, mutual associations and Lloyd’s plans.